India is where the US was a decade ago in retail and internet products

He is one of Silicon Valley’s most successful venture capitalists finding mention in the Forbes Midas List of top investors for nine years in succession. In India, Promod Haque has led investments in over half-a-dozen India-based start-ups, including software product company Persistent Systems, travel portal Yatra, classifieds company Sulekha and Appnomic Systems. Earlier on Wednesday, Norwest Venture Partners (NVP), the 49-year-old investment firm, in which Haque is a managing partner, made the lead investment in a $6-million round of funding in internet classifieds company Quikr.

Excerpts from an interview-

What are the main trends in investing in 2010, as firms try to recover momentum lost due to the global slowdown in the past year?

We invested about $150 million in India through 2009 across six or seven deals. And, in December 2009, Norwest Venture raised its largest-ever fund of $1.2 billion to expand our portfolio across three broad areas. We are expanding across sectors and we have added on medical devices. In India, NVP will invest in areas such as infrastructure, telecom, banking and financial services. We are also investing across geographies — while a lot of investments will continue in the US, we will also invest in India, China and Israel. We are also expanding investments across stages, from early stage venture capital to growth stage and low-end private equity investment deals as well.